2-Step Program FAQs
FAQ
Understanding the 2-Step Rules
- Step 1: Profit Target 10%, Daily Loss Limit 4%, Max Drawdown 8%, Inactivity Period 30 Days, Leverage 1:30, Stoploss Required, Flat for Weekend.
- Step 2: Profit Target 5%, other rules same as Step 1.
The Daily Loss Limit is based on the previous day’s balance and resets at 5 PM EST. It’s calculated as a percentage (4%) of your balance from the previous day.
- Hard Breach: Violating the Daily Loss Limit or Max Drawdown, resulting in assessment failure or loss of the Funded Account.
- Soft Breach: Minor violations like not setting a stop loss, leading to trade closure but allowing continued trading.
A stop loss is required on every trade. All trades must be closed by 3:45 PM EST on Fridays.
No, all positions must be closed by 3:45 PM EST on Fridays, unless the ‘Hold Over Weekend’ add-on is purchased.
Prohibited activities include exploiting broker platform errors, using non-public information, front-running, and any trading that creates regulatory issues or jeopardizes the broker relationship.
Different assets have specific lot sizes, such as 1 lot = $100k for Forex, 1 lot = 10 Contracts for Index, etc..
Withdrawals lock in the Maximum Drawdown at the starting balance. For instance, withdrawing from an account grown from $100,000 to $120,000 locks the Maximum Drawdown at $100,000.
The MT4 and MT5 platforms are integrated with the risk management technology. Tradable products include FX pairs, CFD Indices, Metals, Equity Shares, and Cryptocurrencies.
If no trade is placed for 30 days, the account is considered inactive and will be breached. This rule is to ensure continuous engagement in the trading process.
Leverage varies based on the type of asset: Forex, Metals, and Indices have up to 30:1, Equity shares 5:1, and Cryptos 2:1.
Commission charges apply for Forex and Equity Share CFDs under the RAW accounts from the Broker. Other products do not carry a commission.
Traders are treated as independent contractors and are responsible for any taxes on their gains. This emphasizes the need for traders to be aware of their tax obligations.
Withdrawals of gains can be requested no more frequently than once every 30 days through the trader dashboard.
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